During President Putin’s state visit to Saudi Arabia, he and Saudi Crown Prince Mohammad bin Salman Al Saud attended the first meeting of the Russian-Saudi Economic Council, presidential web page reported. According to the President, he considers Saudi Arabia to be one of Russia’s leading economic partners, and believes that the Russian-Saudi Economic Council offers a great opportunity for a direct dialogue between business representatives of both countries The President noted successful bilateral cooperation in energy, industry, transport, banking, digital technology and space exploration.
“In the past few years relations between Russia and Saudi Arabia have been developing dynamically in many areas, primarily, in trade and the economy. Last year trade increased by 15% and grew by another 38% in the January-July period this year. On the whole, Saudi Arabia has become Russia’s leading partner in the Arab world,” he said. “So the forming of the Russian-Saudi Economic Council is useful and timely and is a venue in which the business circles of both countries can conduct a direct and regular dialogue.”
“We should encourage business initiatives aimed at expanding trade,” he concluded.